Oil Search
(ASX:OSH) has recently completed a review of its organisation and cost structure and is set to further reduce its work force.
Full time employees which include employees and long-term contractors, have been reduced from 1,649 people as of 14 March 2020 to 1,222 currently, with a further 137 people transitioning out by year end.
The natural gas supplier says production costs will be around $US10.50 a barrel of oil equivalent in 2020 compared to prior guidance of between $US11 and $US12.
The cost cuts are to insure the company not only has the capabilities to withstand a prolonged period of subdued oil prices, but is also optimally positioned to operate its production assets safely and cost efficiently and progress growth opportunities in Papua NewGuinea (PNG) and Alaska.
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(ASX:OSH) are trading 8.2 per cent higher at $1.39.
